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the president won the election. >> republicans on capitol hill are not voting to raise the debt ceiling without getting something in return. they say in order to approve a higher debt limit, they want senate democrats to do something they have not done in four years, pass a budget. >> for us to have a debate about spending and debt we've got to have the focus be on a budget and what we're going to do to achieve a balanced budget over time. >> senate democrats view a vote as an opportunity to raise more money through taxes. >> it's going to be a great opportunity for us, because in our budget that we will pass, we will have tax reform which many of my republicans like but it will include revenue. >> the increase will likely happen tomorrow. >>> one other provision of the debt limit vote is either chamber of congress fails to pass it, the members will not get paid till they either pass a budget or until the 113th congress expires at the end of 2014. >>> the big question for football fans around here is, are you going to the super bowl? >> for most, the
raising the debt ceiling without cutting spending at the same time. boehner calls the debt an anchor on our economy. here's the leading senate republican, making his point. >> it's sort of like you have a kid who exceeds the credit card limit. you tear up the credit card, but you look at the spending. the republicans are willing to pay for past bills. these are about future bills. the president is missing the point that we are on an unsustainable path. >> reporter: portman acknowledges the need to raise the debt ceiling, but he supports the context of getting a handle on the spenning. >> shepard: this is disaster relief for victims of super storm sand gee right. we have had plenty of lawmakers saying we need to get a handle on government spending, but not when people are waiting for major disaster relief money. a key new jersey democrat is saying people from new york, new jersey and connecticut pay their fair share. three state, 16% of the taxes. you ask the question: who suffered because of super storm sandy? certainly, our neighbors in new york and new jersey and connecticut suffe
collins of maine saying the debt ceiling is going to have to be raised. even the coch brothers don't want to allow debt default. the president of americans for prosperity says they're advising members of congress. focusing on the debt ceiling makes the message more difficult. so we're starting to see some kind of responsible leadership. this is just going too far. >> and newt gingrich agrees with that sentiment, as well. i think what you're going to see is more folks, you know, a chamber of commerce republicans, folks from the business community i think are really going to start speaking up as this debt ceiling starts to loom closer in the middle of february. when it really reaches its limit, you'll have some pressure from the corporate community really bearing down on the house gop to get something done. so i think that's one of the things that's going to happen. it could be that they delay these spending cuts in talking about them either around the sequestration or around the time when they have to renew the continueing resolution to fund the government. this is what they've been talkin
their lives around. rich: the house tomorrow will vote to extend the debt ceiling to may 19, as long as the senate and house both pass a budget. if not, this bill prescribes that it gets held back is not. dagen: thank you. president obama mentioned just about everything from gun control to climate change in his inaugural address. one thing was almost missing, though. jobs. joining us with more is steve moore. he laid out his agenda, a whole host of things. why not focus on jobs. does he think that this recovery is so on track that jobless rate will continue to fall, steve? >> i was struck by that also. in the whole speech, he did not talk about jobs. he did not talk about private business and entrepreneurs. it was a very pro-government speech. the president has a big challenge ahead. we still have a near 8% unemployment rate in this country, chipolte, over the last four years of this suppose it recovery. i do not think he mentioned the word jobs in that entire speech. dagen: three times. we did a quick count. >> i stand corrected. dagen: if you go through the list of things that he c
. >> senator cruz, house republicans have taken a step back on this debt ceiling standoff. should it be raised. this is how "the new york times" described it over the weekend. i'll put it up on the screen and have you react to it. backing down from the hardline stance, house republicans said friday they would agree to lift the limit for three months with the requirement that both chambers of congress pass a budget in that time to clear the way for negotiations on long-term deficit reduction, to add muscle to the efforts to bring democrats to the table, they would include a provision in the debt ceiling legislation saying that lawmakers will not be paid if they do not pass a budget blueprint. was it right to step back from challenging the president over raising the debt ceiling? >> well, i think the house proposal is a step in the right direction. no doubt the senate hasn't done it's job. it's been nearly four years since it's passed a budget. but it doesn't go nearly far enough. we have a crisis. i just got back last week from afghanistan. and i had multiple servicemen and women clasp me on th
are -&consid extension to the debt ceiling t. are weighinggthe eeefits of an extensioo as a ay o get the senate and white house engaggd in future limmt wouud haveeto include 3-3 spending cuts..ouisiana rrpresentattve john fleming says most memmers are waiting poollbehinddthis decisiin is g 3 to keep thh momentum for reaching a broader eal going. prrsident obama took a break from being leader a date night with the ffrst lady. mrs. obama &pcelebrated her 49-th bbrthday peeterday where she dined tt caaeemilano..... an upscalee italiannrestaurrnt in georgetown. the birthdaa girl was also sporting a newwhair styll for her big day. coming up... you can't go wrong... with jewe. jewelry.the half off gift card beiig ffered by a local yyu'reewatching fox 455morning &pws.. all local.. all -3 ((break 5)) a prospeccor in australia strikes gold.....literally. he put his state of the art metal detector to good uss and found and a átwelveá pound gold nnggee.....worth about 295- thousand-dollars. the man wants to stay nonyyous...and plans to sell the gold off tt the igh
. what is the latest? >> reporter: as part of raising the debt ceiling the house republicans will demand that the senate pass a budget with spending cuts included and will try to force getting it done by april 15th. a short time ago the top senate republican issued this call to action. >> and so it's my hope that the president will finally be willing to do what republicans have been asking him to do since his first inauguration four years ago and that is to work with us on identifying durable solutions to the problems that we can only solve together. to put aside those things we know we can't agree on and focus on what we can agree on. and we should start with spending and debt. because if we don't get a handle on that nothing else matters. >> reporter: bottom line republicans recognize this raising the debt ceiling issue isn't a very good one for them. working on deficit and spending budget is better for them. >> reporter: what do democrats say about passing a budget today. >> reporter: chuck schumer said the senate would pass a budget this year. the battle will be over spending cuts an
a bill next week to raise the debt limit ceiling for three months, the bill does not ask for spending cuts but could prevent a major fight with the white house. it does put the senate in an awkward position, by asking them to vote in three months when the debt ceiling has to be raised again. the white house said to be encouraged but a provision calls for cutting pay for the chamber that does not passes the budget. some democrats not happy. and house minority speaker nancy pelosi saying it's a gimmick, unworthy of the challenges we face and the debate we should be having. the message from the american people is clear, no games no default. for more on this, i would like to bring kristin. what is the white house saying about the issue? >> reporter: craig, they are saying that they are encouraged by the fact that house speaker, john boehner, is putting forward a proposal that increases the debt limit without an equal amount of spending cuts. that was his long-held position a and he is abandoning that position, and saying that he will increase the debt ceiling for a period of three months
may be sending a message to our gridlocked congress of the debt ceiling debate. do your job or will do it for you. >> if the house and the senate want to give me the authority so that they don't have to take these tough votes, if they want to put the responsibility on me to raise the debt ceiling and happily take it, but if they want to keep this responsibility than they need to go ahead and get it done. gerri: if they don't can the president by passed the congress using the 14th amendment? for a corrupted by former federal prosecutor joins us. read this so that people can get a sense of what it says. the validity of the public debt of the united states authorized by law including pensions and bounties for services in suppressing insurrection or rebellion should not be questioned. it sounds pretty dramatic. >> the 14th amendment, we all remember from high-school kamal is a reconstruction of manila in 1868 after the civil war to plan the most abortive things that it did was granted full citizenship to african-americans, thus overruling the dread scott case. gerri: but that's the word ta
raising the debt ceiling -- >> not enough -- >> some democrats. but not to this extent and not in a party-wide thing. this is important for the president for a couple reasons. one of them is his second term agenda which we're looking at the challenges of in a "huffington post" series called "the road forward." if he wants to go forward, if he wants to complete the job on health care and on bank regulation and on immigration and on a whole host of things, he's got to beat the republicans politically. he's got to beat them on spending, and he's got to back them into a corner politically. he's got a chance to be more consequential in a second term -- this is usual -- >> what's his one, two, three agenda. >> gun control, immigration reform, and number one is what chuck was grilling him on today, which is his strategy on beating the republicans on debt and spending. >> fiscal victory -- >> then immigration and gun control. >> is that how you see it one, two, three, chuck? >> he can't do anything until the budget showdowns are over. >> right. >> and they can't be piecemeal. you're not going to
'll talk to republican senator johnny isakson who will weigh in not just on gun safety but the debt ceiling and what he says is a new challenge to the housing market. "squawk on the street" is coming right back. ♪ ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide
'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed could get creamed in terms of their own balance sheet, because of the losses. if rates went to their ten-year average, the fed portfolio would be down 23%. they don't have 23% equity. >> and richard, i saw bill miller came back with a vengeance this year betting on housing, and financials. >> yes. >> and huge returns. i mean 40% i'm thinking. >> so did you -- you watched that happen in your business? >> yes, yes. and you know, we're seeing the housing business stabilizing, you know, part of that is we've got a little better job creation in the economy and we're kind of working on ways to work slowly and credit markets are a little better fo
of extending the debt ceiling three months, until april and clean, except for the fact they want to link it to the idea that both the house and the senate pass a budgetnd and if they don't they lose their pay? >> i think -- we don't think short-term is smart for the economy, 2-3 months still has uncertainty and we are very pleased to see the republicans in the house drop their previous position, which was, you know, they were only going to pay the bills, essentially, they racked up if that he got what they wanted from the deep spending cuts in medicare and other programs. so that is progress but what we need to do is, washington needs to start contributing certainty and help to the economy and if you talk to anybody in the country -- >> you will not veto a three-month extension, are you? >> again, i think that there is long term debt and short-term debt. i think we have made progress on the budget and cut spending, in 2011, the budget was cut over a trillion dollars and signed a -- >> you were forced into that by republicans. >> no, we weren't and we were sitting around the table with th
will increase the debt ceiling on a short-term basis, but the senate has to pass a budget which it has not done in four years and if you don't do that then you don't get pay for congress. that has been criticized by democrats, but the issue here is where house republicans want to fight the administration on spending, and they want to force the president's hand for more spending and they have opportunities to do it, and the debt ceiling is one they don't want to fight over, and it's a bad result politically and economically for the country, and the sequestration, and they can tie some of the efforts to force the president's hand to cut spending to the other fights. >> the gop proposal that just came out calls for the house and senate to have some type of budget by mid april but doesn't include spending cuts, so can we view it as a concession on the republican's side. >> they don't want to get the blame for a potential default and what that would mean for the economy, and they would rather fight on things like shutting the governor down or automatic spending cuts going into effect, and they think
in both the house and senate is they will only increase the debt ceiling by the amount of spending cuts that they are able to push through. in order to replace the automatic spending cuts and a sequester, 1.2 trillion, say it takes another trillion to get us through one more year, they would have to identify 2.5 trillion dollars in cuts just to get the debt ceiling extended to next year. 2.5 trillion. congress has not been able to identify 1.2 trillion and cuts their happy with. because the same republicans say they do not want to cut the fence. and they have claimed they do not want to gut medicare or harmed the vulnerable, but the truth of the matter is you cannot meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting the defense spending. the ma justth is not add up. here is what would work. -- the math test is not at about it adds up to. 0.5 trillion dollars. the consensus is we need 4 trillion dollars to stabilize the debt, deficit. that means we need 1.5 trillion dollars more. the package i authorized to the speaker before the new
ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending, it simply allows the country to pay for spending that congress has already committed to. >> mike: well, according to the congressional record, in 2006, then senator barack obama had this statement just before a debt ceiling vote and i quote, the fact that we are here today to debate raising america's debt limit is a sign of leadership failure, it's a sign that the u.s. government can't pay its own bills, it's a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies. leadership means that the buck stops here. instead, washington is shifting the burden of bad choices today on the backs of our children and grandchildren, therefore intend to oppose the effort to increase america's debt limit. in 2008, candidate obama blamed president bush and called the growing debt unpatriotic. >> number 43 added 4 trillion dollars by his lonesome so that we now have over 9 trillion dollars of debt that we are going to
increasing the debt limit as a senator. john boehner said that the debt is endangers children's future, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midweek wednesday and lasting into the weekend, i
out president obama voted against increasing the debt limit as a senator. john boehner said that the debt is endangers children's future, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midw
ceiling, let it float. in return, you see the democrats in the senate drawing up a budget. i think obama's -- his olive branch is, okay, i'll take this one extension to bring stability to the situation, but it's not happening again because we have to get the job doab. it's progress. it's better than the last few months. lou: some combative about it and characterize the president as being so contentious. it's the first intelligent step taken by the republicans and gives, you know, i i think hope to the nation, the first intelligent step taken by the president. they actually are moving towards one another. it looked to me like something we ought to be kind of saying hallelujah about other than analyzing, if i may, in such, well, i don't know, unsettling parts of the terms. >> it's progress. >> the heavy weight boxes match, they touch the gloves at the start of the fight. please, don't misinterpret that's a good sign. it's a show to the nation. lou: see, i'm surrounded by cynicism. everywhere i turn around here.
, there are indications the party is trying to avoid being seen as obstructionist in this coming fight over the debt ceiling. in a big shift today, house republicans said they will vote to lift the limit for three months, but on the condition that the senate passes a budget. wall street liked this idea. the dow finished up almost 54 points to hit its highest closing level since december 10th of '07. nasdaq finished with a small loss. s&p 500 was up 5 points. also at five-year highs. >>> in washington tonight, it's starting to feel like a city that's about to host an inauguration. for the 57th time in the history of our republic, and host hundreds of thousands of people on a cold monday in january. our white house correspondent, peter alexander, is in lafayette park across from the white house, in front of the reviewing stand tonight. peter, good evening. >> reporter: brian, good evening to you. those are the best seats in the house, for a variety of reasons, including the fact they have heat. that's where the president and the first family will be watching monday's parade. the second obama inaugural
ceiling, the house gop considering on raising the debt limit. we'll bring you more details and the senate judiciary committee, patrick leahy announced he'll be taking up issues of gun violence and immigration in the new term. republicans and democrats recently announced senate committee assignments and we'll talk about that as well. this afternoon the president kicked off the national day of service volunteering at a school here in the d.c. area. tomorrow he will take the oath of office in a private ceremony at noon. nbc's kristen welker is at the white house. nbc news senior political editor mark murray standing by with new insight from the new nbc news wall street journal poll. let me start with you. for folks who may not get this, a lot of folks wondering why is the president -- he's going to be sworn in on sunday and sworn in again on monday. what's the deal? >> reporter: well, craig, the reason is that the constitution states that the president has to be sworn in before noon on january 20th. january 20th falls on a sunday this year. it's the seventh time that happened in the nation's
. if there was a different attitude. we have raised the debt ceiling 70-plus times. there has always been that sense of we're not going to vote to raise the other guy's debt ceiling, but there was always the understanding that we would provide the votes in the final analysis. the president's party did that. right now, what you have is a situation where the republican party is reduced to its lowest andi in the history of "the wall street journal" poll. the only thing that is worse is john boehner. 18% favorable. this is not a formidable partner. >> over the weekend, "politico" spoke to many advisers and said house republicans and party leaders appear willing to shut down government. might need to do that four- member management purposes so that they can have an end game and show their constituents they are fighting. get it out of the system? this is not a gastrointestinal problem, this is the government. >> i would suggest therapy and do not shed down the government. i would give it to them for free. the republicans have had a pretty unhappy experience with brinksmanship. years theye ngrich ut dwn the gove
, consistency is the hobgoblin of small mes. but there was a different attitude. we have raised the debt ceiling 70-plus times. the congress has voted to do it. there was always a sense of we are not going to vote e to rai the other guys debt ceiling but there was always the understa that we would provide the votes in the final ananalysis. the president's party y did that. right now, what you have is a situation where the republican party is reduced to its lowest standing in the history of "the wall streeeet journal" nbc poll. the only thing that is worse is john boehner, 18% favorable. this is not a formidable parker. >> "politico" spoke to some unnamed republican leaders and they said that party leadaders have appeared to shut down the government to make a point. they may need to shut dowjust to get out of the system. we may need to do that for member-management purposes so that they can show their constituents they are fighting. get it out of the system kept? this is not a gastrointestinal system. thiss the government. >> i would offer therapy and not closing the government. the republicans h
. >> reporter: house speaker john boehner said republicans were willing to suspend the debt ceiling for three months. sending democrats to act. >> it has been nearly four years since the senate has done a budget. most americans believe you don't do your job, you shouldn't get paid. that's the basis. no budget; no pay. it is time for the senate to act. >> reporter: the white house called the move by house republicans "significant," though the administration still argues a short-term extension of borrowing authority does not go far enough. >> what we support is a long- term raising of the debt ceiling so that we don't have any doubt or uncertainty for businesses or the global economy about the simple proposition that the united states always pays its bills. >> reporter: at a house hearing on the debt ceiling debate, simon johnson, a former chief economist for the i.m.f. warned the continuing controversy could roil global markets and hurt the u.s. at home. >> if you don't raise the debt ceiling now, or if you postpone this confrontation, if you say every 60, 90, or 100 days, we're going to again
the debt ceiling for three months. what this bill will actually do is set a provision that if the senate does not pass that budget in three months then their pay checks would be withheld, so that's the enforcement mechanism. it actually doesn't require any promise that the senate do its budget. there's conceiveably still the thought that they could not do the budget and not get paid. host: so then the house would respond in kind? tell us a little bit then why use this as a mechanism? >> the strategy here is they are trying to go on offense again, because they had a brutal holiday stretch of sort of failed negotiating ploys and in-fighting and they are trying to turn the tables so people will talk about why went to democrats cut spending? one way they can do that is by talking about the fact that the senate hasn't passed a budget in four years. it's uplimited value there's a conventional wisdom that it's not that important but when the people in the country hear that the senate hasn't passed a budget which sounds like a basic failure of their duty and it's an effective talking point the r
to suspend the debt ceiling, not even to raise it making it easier for conservatives to vote for it and senate democrats say they plan to take up that proposal and expect to pass it by an overwhelming margin sometime within the next week or so. now, jay carney at the white house today for his part said we wouldn't a longer term extension than that but the president is not going to block this if it clears the congress. here's jay carney. >> the bill still has to overcome some concern expressed by mums of the house and senate before it can pass both chambers and reach the president's desk. if it does and reaches the president's desk he would not stand in the way of the bill becoming law. >> the bottom line, of course, is that having broken the link between specific spending cuts and specific dollar increase in the debt ceiling it becomes easier for congress to shift the fight over spending and taxes and revenue on to different ground. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might eve
. there has been hip pock chris at this on all sides on this. republicans have voted against the debt ceiling increase. democrat president. dome kratz like the president voted against raising debt limit when he was in the senate and there was republican president. there is hypocrisy all over the place. what was particularly bothersome from the president we didn't hear from him any suggestion of where he wants us to go to solve the long-term problem. i go back to what we all understand is the cause of the problem here and that is entitlements and we need structural reform. melissa: last word real quick, we have to go. >> we'll never get to entitlement reform with a gun to your head that is what is happening with the debt ceiling. >> we didn't get to it fore then. melissa: great discussion. next on "money", a stunning number of americans are using their 401(k)s to pay for every day expenses. a top financial planner said you couldn't make a worse decision. he is here to explain. we also asked for some other options if you're in this situation. >>> plus, dand for gas is falling to lows not seen i
them in the fiscal cliff negotiation sandy relief debt ceiling. we should be supporting frank lautenberg, and bob menendez, and me, i have a job to do here in new york. >> and in the latest poll, 42% of the voters say they would vote for cory booker, 20% would vote for current senator frank lautenberg. and 60% of all new jersey voters polled have a favorable view of booker, compared to 5% who have a favorable view of lautenberg. and he is here, cory booker. first of all, mayor, i have to thank you for getting me here tonight. i was scheduled on a flight to jfk. they had mechanical difficulties, i went across the airport, went to a place called newark, new jersey, which it turns out has an airport with lights and everything. and you can land at night in new jersey. who knew? did you do that? >> i had nothing to do with that. but i appreciate you -- putting praise on one of america's gr t greatest cities. >> and it was so much faster getting there -- >> look, one of the businesses, jobs, discovering newark, new jersey, suddenly people are waking up to the discovery, hey, it is
are not a dead beat nation. >> in a statement john fwhier says the consequences of failing to increase the debt ceiling are real so, too, are the consequences of allowing our spending problem to go unresolved. republican senator mike lee of ue ah taw says the government needs put into place structural spending reform because simple spending cuts will no longer do the job. we are going to face another credit downgrade i fear because we will face it again without think being the way paushiwashi spends money. >> he is willing to work with republicans to reign in spending. he wants to conduct those talks separately from the gop to raise the debt ceiling. he hopes by doing so he can avert a first ever national default. >> kelly wright live in washington. thank you. >>> it is time to take a look at who is talking. another big battle on capitol hill of course. the gun control debate. joe biden announced his task force regulations. we are hearing from one congressman who has a personal connection to this. >> despite the mash shoot something representative barber says he still supports the second mained
the debt ceiling for three months until april 15. but there's a catch: they say within that time the senate and the house must pass budgets outlining their spending priorities for the year. now, that may not sound very difficult, but as republicans like to point out, senate democrats haven't passed a budget since 2009 and republicans say if they don't do so by april 15 then all members of congress should stop getting paid. >> pelley: but, nancy, why would the republicans abandon their demand for dollar-for-dollar spending cuts in exchange for raising the limit? >> well, in part they were worried about getting the blame if there was a default. this way they shift the burden to senate democrats to come up with a budget and they can still call for more spending cuts in three months when this comes up again. in the meantime, everyone gets a bit of breathing room which is why the white house may not have shot down the plan today-- even though they, of course, prefer a long-term extension of the debt ceiling, not just three months. >> pelley: nancy, thanks. president obama is about to begin his s
hypocritical because whe he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush failed president. gerri: one of the reporters got up and said only a few years ago you were saying that this kind of fight makes no sense, would have to have fiscal discipline. what do you say to this? speak of the president has been the beneficiary of large increases in mandatory spending because two-thirds of the spending is mandatory so he doesn't have to pass bills increase spending. the public is not aware of it, spending now 24% of gdp historically 20% of gdp. gerri: and deficits far as the eye can see. clearly this is a situation that cannot continue forever. they have said let's take it to the court. what do you make of that strategy? >> is a losing strategy. there is a reason that debt ceiling raised with congress. that is a reason they have to start using the president's language and site we have to have a baland approach. if you want the debt ceiling raised come at some point we're going to have to address spending cuts. this is as good a time as
this ludicrous, childish behavior we saw over the debt ceiling argument, for example, come to an end and people get into a room and getting stuff done. that's the key thing, i think, for his second term. >> jamal alluded to a new strategy at the white house, which is going to be to go around congress and go directly to the american people. the white house believes the reason they got a deal in the 12th hour is because they went to the american people and the american people said by god, get something done. >> are they right? >> look, it did work. boehner has also indicated he's not going to deal with the president one-on-one. they're going to go through the regular order. the senate is going to have to do something, the house is going to have to do something. they're going to meet in conference and send it to the presidency. i think the president's legacy to go big, to get a grand bargain, to have long-term economic growth but also to have a legacy of fiscal sustainability could be his major legacy piece. and i think even though he wants to do guns, even though he wants to do immigration -- >>
sidetracked. >> that is true. i would say this as far as what senator obama said in 2006, quoting mr. johnson. consistency is the hobgoblin of small minds. there was a different attitude, and we have raise the debt ceiling 70-plus times, the congress has voted to do it, and there has always been that sense of we are not going to vote to raise the other guys debt ceiling, but there was always the understanding that we would provide the votes in the final analysis. the president's party did that. right now you have a situation where the republican party is reduced to its lowest standing in the history of the wall street journal nbc pulled to 23% favorable, 47% unfavorable. the only thing that is worse is john boehner. 18% favorable. this is not a formidable partner. >> over the weekend, politico reported that a lot of house republicans threaten to shut down the government. they need to make shut down in or to get out of the system. we may need to do that for member-management purposes so that they can have an end game and show their constituents they are fighting to get it out of the system? th
ceiling without getting something in return. they say in order to approve a highe debt limit, they want senate democrats to do something they haven't done in four years -- pass a budget. >> for us to have a debate about spending and debt, we've got to have the focus be on a budget and what we're going to do to achieve a balanced budget over time. >> reporter: senate democrats view the vote as an opportunity to raise more money for taxes. >> it's going to be a great opportunity for us. in our budget we lift budget reform which many of my republican colleagues like, but it's going to include revenues. >> reporter: the house is expected to approve the debt limit increase tomorrow. no dollar amount specifically is in the bill, but the legislation is expected to keep the country paying its bills through mid-may. anne-marie? >> susan mcginnis in washington, thank you very much. >>> the president has also addressed the struggle for equality in this country and broke some new ground. major garrett has that part of the story. >> reporter: for the first time in the nation's 5
to extend the debt ceiling until may 19th. that is contingent both houses of congress passing a budget. something that senate majority leader harry reid said is a big step forward for republicans. they're not calling for any spending decreases in this debt ceiling increase. the white house put out a statement said it would not oppose a short-term debt deal though neither getting real specific whether or not they would actually agree to what the house is hoping to pass tomorrow. back to you. david: rich, reading through that, frankly didn't take too long to read through the president's speech because it was so short, there was no indication, i saw no incation, one reference to the deficit, a throwaway line said we have a big deficit. we have to do something bit, with you we still have to continue with all the spending. i didn't see anything about cutting back on spending. did you? >> no, david. in fact that was more a defense of government in the president's speech, overarching theme of his governing philosophy and one has not been about cutting any type of enlightment spending when it
finally announced a debt ceiling plan. kick the can again. this time for three months. in an efforts to put pressure on the senate to do something instead. that's the whole, it wasn't me, i guess, strategy. of course, that means another debt ceiling debate is just three months away. joining us now, bill cohen, a columnist at bloomberg view and by phone we have nbc's luke russert in williamsburg, virginia, covering the house republicans. welcome to both of you. >> thank you, karen. >> luke, i want to start with you. republicans are calling it a plan, democratic leader nancy pelosi call it is a gimmick. it sounds more like -- i mean, my read initially was this is more like political posturing rather than a serious deal. what are you hearing down there? >> well, it certainly is something that's meant to try and force the senate to act. you know, the senate has not passed a suggest in over 1,300 days and that's a popular rallying cry of the house gop. but what came out of this retreat was the idea instilled in members that it's probably not beneficial with the republican brand so damaged
said, we will raise the debt ceiling. he doesn't say may. he says we will. of course he is in the senate. we're not going to default on our debt. both of these gentlemen are on the right track. i personally think in my emotional state i might not have wanted to increase the debt ceiling but i think politics of course we can't be naive. the president has a very big platform for his strategy. he has the bully pulpit. and i think that some media are calling this a retreat on the debt ceiling. to me the only retreat in the equation is williamsburg, virginia. but i do think that now we can concentrate on what andy brenner and i were talking about yesterday and that is march 1st the sequester. march 27th the continuing resolution because we haven't seen both houses pass a budget and i think these issues are much easier to extract from the democrats/the white house because the short-term bumps are going to put a lot of pressure and lot of press in my opinion on the main issue and the main issue is whether you're republican or conservative or democrat, it certainly seems like th
in both the house and senate is that they will only increase the debt ceiling by the amount of spending cuts that they are able to push lou. congress has not been able to identify $1.2 ril onin cuts they are happy with. >> p obama's warning on the debt ceiling will republicans be able to use the debt ceiling debate as leverage to get big spending cuts? or will it be on the government funding? jinx me is congressman greg walden. member of the leadership and joins me now. congressman, good morning. >> good morning, chuck. good to be with you. >> nice to see you. let me ask you about this issue of whether the debt limit should be used as leverage or whether you are trying to convince your members to say, you know what, the better place to have a debate with the president about spending cuts is on funding with the government. >> first of all, chuck, you just wish the president weren't so adversarial in his tone and the way he deals with the congress. you know, in the past -- >> let me stop -- wait a minute. let me stop threw. >> a lot of people will say adversaryial relationships are a woul
that republicans are being obstructionists if they dare reject raising the debt ceiling but they didn't do it to a single democrat seven years ago including senator barack obama, then republicans are damned no matter what they do? >> it's part of the strategy of this administration on fiscal cliff, on all kinds of issues is to frighten people, frighten seniors. we need to reassure seniors with their truth, their social security and medicare is going to get paid unless the president is completely irresponsible. interest on our debt is going to get paid and our credit rating is likely to stay where it is if we cut spending rather than blow through another debt limit without making the hard decisions. >> neil: thank you very much. good. good to see you. >> neil: meanwhile, pick up the tab for national health care and reduce the debt? that is what democrats are proposing. adopting this so-called public option would actually cut the deficit. that had me thinking -- remember that one with chevy chase, and new shimmer and floor wax and it was dessert topping. i tell you, the same shim never, what
of leverage? is it a de-escalation of the debt ceiling fight? >> they're trying to force the arm of the senate in this way, because they want the sflat to move and pass a budget. so this gives them more leverage and there are new polling out that say some people are kind of behind this republican tack of trying to push the senate to pass a budget. they want, people want reduction in spending. this might work for them. the white house is saying they're encouraged by this. i don't know. it could fall under the kick the can down the road for obama. >> i wonder with you, lauren. does this allow them to kick the can downed road or give them more time to come to a long-term asgreemt do up see the rest of the budget playing out any certain way now? >> alex, we have to look back to 2011 when we had the fight back then, which propelled us into the fiscal cliff. he ended up kicking the can down the road and i think that's what we'll see again here. we have to remember, two other major fiscal deadlines. xwet trags, automatic budget cuts coming up first week in march. government runs out of money ton keep
ceiling as it is called. okay wednesday they are going to do that vote. the senate pass a budget with spending cuts in it. that is when the kum ba yah the happy talk here on capitol hill may go back to a little more firstier talk. shep? mike emanuel on the hill tonight. perspective what lies ahead for president and the congress. dana perino the white house press secretary for president george w. bush. that's coming up from the journalists of fox news on this monday fox report from the nation's capitol. inauguration night. martin luther king jr. day. it's great to have you with us. just like that. right in the old bucket. good toss! see that's much better! that was good. you had your shoulder pointed, you kept your eyes on your target. let's do it again -- watch me. just like that one... [ male announcer ] the durability of the volkswagen passat. pa down something he will be grateful for. good arm. that's the power of german engineering. ♪ back to you. [ bop ] [ bop ] [ bop ] you can do that all you want, i don't like v8 juice. [ male announcer ] how about v8 v-fusion. a full se
ceiling when the media didn't do that when every major democrat, including a then senator barack obama did the same thing seven years ago. >> you can't expect the media to do the job they are supposed to do. they won't hold the republicans and democrats equally accountable. so the g.o.p. needs their own marketing and p.r. team -- >> neil: i think they are running from their own shadow. they need more time to get this set and the prerogatives. but to the president, i'm sure, it sends a message, weak, weak, weak. >> they are under the impression, if they give an inch, the president will say, they are doing their best. this is not how it works. this president compromises when it's in his best interest. he won't bend to what you want. you may as well stand for something. >> neil: that vote will go through tomorrow. it is expected to pass tomorrow, an effort to push off this debt ceiling to date. something that would have really expired in a matter of weeks for another couple of months. i think we will be doing this in may, so your kid is graduating from school into a nightmare. same time, same
. >>> some top republicans in congress are considering a short-term increase of the debt ceiling. house budget committee chairman paul ryan says they are wag the benefits of an extension as a way to get the senate and white house engaged in future conversations. the president has warned that if congress does not raise the debt ceiling the economy could crash and there could be delays for social security checks and veterans' benefits. >>> things that men will do to i am privilege women. an aussie free diver says he got into the sport to win over a few girls at the public to impress women. he won more than the girls. the 32-year-old is making a nam for himself in diving. he can actually hold his breath under water for 6 minutes and 40 seconds. he is a champion in the second most dangerous sport in the world and he credits the peretti local girls he pretty local girls he met. >> he challenged them at the bar. >> he became an australian champion. >> he was on "60 minutes." he drops down over 200 feet. >> good luck. >>> 5:19. coming up, hear why the key t
of a total government shutdown. still, it may lead to a downgrade in us debt. we are being told that the debt ceiling wrangling could be even worse for the country than going over the fiscal cliff. how is that for frightening? senator freddy krueger versus representative jason, hush-hush sweet speaker, whatever happened to baby budget? you get the picture so to speak. how about lululemon? this morning a reliable steady growth story. smaller paycheck. the end of the payroll tax holiday has to hurt retail doesn't it? and the facebook disappointment. you have this mystery announcement coming. instead we have an announcement of a tool to search information on big social networks. what a bust. yet the market didn't get hammered. there was no rally, and then we got the nap time and the fresh bull came to play into the bell. what is happening here? there have been different times along the way up where we had this same exact phenomenon like we are seeing here today. one at the beginning of the bull run. another occurred in the first three years in the '90s. we had about a half dozen since the new mi
to raise -lg the debt ceiling when he was a senator said it was irresponsible to do so. he said it was because of a failure of leadership. we have a president who is addicted to spending and he needs to just look in the mirror because he is the source of the problem. it's his healthcare law, it's the failed stimulus package, these are things that the president has forced through, the democrats have gone w and it is onwith, and it's one of the reasons we are so deeply in debt. if you're a family and bills are coming in, you take a look at the bills and say, how can we make sure that we pay these bills, but more importantly you want to say how can we make sure we don't have bigger bills to pay in the future. bill: what idea would you support? are you on john boehner's side who says we'll give you a dollar in debt if you give us a dollar in spending cuts, or pat toomey the republican senator from pennsylvania says you can make priority payments to make sure the military is covered and items like that, and then make less priority payments further off in the future. would you go for
mitch mcconnell continued to link the debt ceiling increase to spending. in a statement he said the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. house speaker john boehner also ignored his obligation to pay the nation's bills and also complained about spending. the american people do not support raising the debt ceiling without reducing government spending at the same time. they speak so confident, don't they? it's almost as if they forgot all about the spending cuts the president already gave them over a year ago. well, let's try to help them figure it out a little bit with a little visual and audio assistance. >> over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion into new revenue, by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two year
unconstitutional, and an extension of the debt ceiling for about three months which is okay. . it doesn't really go to the heart of the matter. we're going to have a report on this whole story in just a moment. . meanwhile, better news, the stock rally continues up 54 points on the dow, 161 points for the week. get this, a 35% gain in the broad s&p 500. . just since early october 2011. that's right. it's like a stealth rally. it keeps on moving. we'll talk to a leading investment ceo a bit later in the program. . first up, in williamsburg, virginia, today, house republicans have agreed to take up the plan next week to extend the debt ceiling with some conditions. i think that's boring and uninspiring. let's go to the source of this cnbc contributor robert costa. . . i think it's boring, boring, boring. you tell why this is a great. are not attached to this proposal. very three months. let me say this, from all my reporting down there in eastern virginia default on the debt. so what they're trying to do is just punt on the debt ceiling and focus the spending cut fight on the upcoming continuing reso
of congress who has broken ranks on the big stupid debt ceiling thing. in 2011, there was not a single republican in congress in the house or in the senate who broke ranks publicly and said actually, purposefully driving the american economy into a ditch to make a point that even we don't understand and that is against the constitution, that might not be a great idea. nobody broke ranks when the republicans did this in 2011. nobody on the republican side. but today on the republican side somebody did. today republican senator lisa murkowski of alaska broke ranks. she gave an interview to her hometown newspaper in alaska, she says she disagrees threatening the country with default. quote, murkowski is breaking rank, saying the country has a duty to assure it pays its bills. murkowski said not all of her colleagues in the senate will say it out loud, but she believes most agree that failing to raise the debt limit would harm perception of the country. quote, if you incur an obligation, you have a responsibility to pay for that, murkowski said. time is going the tell if lisa murkowski is
time, the president rejected urgings by some democrats that he raised the debt ceiling on his own authority. republicans were quick to answer the chief executive's criticism. senate minority leader mitch mcconnell said in a statement the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. and speaker of the house john boehner said the consequences of failing to increase the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took most of the president's attention today, but he also turned to the issue of gun violence. after the shootings at an elementary school in newtown connecticut, he appointed vice president biden to come up with recommendations for action. the vice president met with lawmakers today and with groups on both sides of the issue last week. plans to submit proposals by tomorrow. president obama would not discuss specifics today. instead he said this. >> i'm confident that there are some steps that we can take that don't re
made this deal yeah, we are going to extend the debt ceiling. now, it gets attached to a balanced budget. >> two points, in regard to congressman welch. when you have liberal s ip the house and senate, that is their plan to spend more money. i know you are talking about our budget larry, but we have to step back. there is going to be no budget that takes place unless the senate passes a budget. but to get congress both chambers to work together, we need the senate to pass the budget. so we said no budget senate, no pay. that is a way to get the senate to engage. >> i'm not challenging your logic, but i'm challenging your process. the series of dates that is so important one is april 15th. i preseume that is paul ryan's budget. i don't see how you can vote tomorrow on a debt extepgs nsio increase and attach a balanced budget before you know what the balanced budget is. i see that as a problem. i want peter to tackle that. >> we are passing the no budget no pay act. it is going to give both chambers, the senate and the house to pass the budgets. what you are hearing is, the house is
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